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Citigroup: Raises Year-End Target for S&P 500 Index, Expects Tax Cut Measures to Offset Tariff Headwinds
BlockBeats News, August 11th, Citigroup's strategist raised the target for the S&P 500 index and stated that tax cuts should offset the negative impact of tariffs on U.S. companies. The team led by Scott Chronert raised the year-end target for the index from 6300 points to 6600 points, implying a roughly 3% increase from last Friday's close.
Stronger-than-expected earnings reports for this quarter, with little sign of tariff impact on performance, have driven the stock market to new highs this month. Institutional data shows that over 81% of S&P 500 index component companies have beaten expectations, the highest level in seven quarters. The Citigroup team stated that companies not only performed well but also mostly maintained their expectations for the second half of the year.
Therefore, market consensus earnings per share expectations are being raised. They have raised the earnings per share forecast for S&P 500 index component companies for 2025 from the previous $261 to $272 and for 2026 from $295 to $308. They stated that higher profit forecasts would not have a significant impact on valuation assumptions. They expect that by mid-2026, the index will rise to 6900 points, an approximately 8% increase from current levels. (Jinse Finance)
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